More reaction, this time from Stuart Thomson, Public Affairs Consultant at Westminster based law firm Bircham Dyson Bell, who said Labour had been "floored" by the budget. However, he warned of a sting in the tale for the chancellor.

"There are four real losers from today's Budget – Andy Burnham, Yvette Cooper, Liz Kendall and Jeremy Corbyn. The Chancellor has played an absolute blinder in delivering a truly Conservative Budget full of tax reductions, welfare tightening and measures to support business – whilst also flooring Labour and its main leadership candidates with the announcement of a Living Wage.

"However, Osborne's budgets often receive great initial headlines followed by unfavourable comment in the days afterwards once the impact of all the measures are added together.

"Small businesses and young people may be feeling particularly worried about the cumulative impact of the measures announced in the Budget. Changes to rents could also cause unexpected shifts in the housing market."

In its assessment of the budget, the OBR has said "loosened" its grip on public services.

"The new Government has used its first Budget to loosen significantly the impending squeeze on public services spending that had been pencilled in by the Coalition in March.

"This is being financed by welfare cuts, net tax increases and three years of higher government borrowing. The Government has delayed the expected return to a budget surplus by a year to 2019-20, but is then aiming for a slightly bigger surplus in the medium term."

Two years ago, the Chancellor was 16/1 to be next Tory leader. However after today's budget speech, Osborne is now 5/2 to succeed Cameron, overtaking Mayor of London Boris Johnson as favourite, according to Ladbrokes.

The bookmaker also makes Osborne the favourite to become the next prime minister.

One policy that will grab headlines is Osborne's abolition of the non-dom status. From 2017, non-doms who've spent 15 of the last 20 years in the UK will pay UK tax.

But while the reforms are expected to land the Treasury £1.5bn, James Hender, partner and head of the private wealth group at Saffery Champness, said individuals could simply spend longer outside the UK.

"Abolishing the non dom status from April 2017 for long term residents will raise money for the Treasury, but I hope he hasn't killed the goose that lays the golden egg," Hender said.

"There is a risk that people affected will simply drop their number of days in the UK to ensure that they are not resident at all."

"New measures announced will also stop individuals who are born in the UK from inheriting non-dom status."

"Bringing UK properties held in offshore structures into the IHT (inheritance tax) net will unpick years of careful planning by non-doms, but it should level the playing field across the board."

Sundays might never be the same again after proposals were launched to loosen Sunday trading hours.

Sue Goble, CEO of accountancy software company KashFlow, said: "Many small businesses throughout the UK struggle to compete with the online goliaths and often restrictive Sunday trading hours continue to put SMEs on the back foot.

"Change has been long overdue and we fully support the move to even the playing field for the small businesses which should be the growth engine of the UK economy."